The Power of Connectivity: OEMs and Telematics
The Internet of Things (IoT) has garnered plenty of attention over the past few years – and for good reason. With access to information across various platforms, and the ability to take a deeper look into data and trends, IoT solutions provide greater connectivity, powerful aggregated insights and actionable insights.
Better known as telematics in the construction industry, the IoT is changing the way contractors and original equipment manufacturers (OEM) manage and analyze their fleets. Armed with data provided by telematics solutions – such as usage rates, engine data and possible maintenance issues – contractors and OEMs have the ability to make smarter decisions than ever before.
From maintenance issues and regulating service, to maximizing lifespan and tracking usage, telematics systems provide insight into equipment throughout the entire lifecycle of each piece of machinery – a benefit for both OEMs and contractors.
Here’s a look at which OEMs are leading the telematics revolution, the benefits such solutions provide to contractors and how smaller OEMs can integrate similar offerings among their equipment fleets.
Leading by example
OEMs who are not yet leveraging telematics to better their business are far behind the times and have plenty to learn from experienced equipment providers like CAT and John Deere. By offering insight into usage rates, lifespan and maintenance trends, telematics enables OEMs to better understand the vehicles and equipment they’re selling while also simplifying future production decisions.
CAT’s new VisionLink telematics dashboard, for example, allows customers to lean on their built-in telematic solutions to manage the maintenance and utilization of CAT equipment. From monitoring fuel burn and usage to checking in on the location and performance of equipment, VisionLink technology allows quick access to CAT equipment data. In a similar fashion, JDLink from John Deere helps contractors and equipment managers reach the next level of productivity and efficiency through automated utilization and maintenance reports pulled directly from contractor’s John Deere equipment.
But wshile OEMs like CAT and John Deere are applauded for their efforts in using telematics to benefit their customers, these solutions have yet to deliver complete value. These in-house telematics solutions are limited to tracking and managing only the equipment they manufacture themselves. The constraints of these specific telematics solutions lie behind their ability to deliver data of a contractor’s entire fleet – therefore leading contractors to look for other solutions that are able to aggregate data from each and every piece of equipment, regardless of make, model or OEM.
Benefits and beyond
Between the ability to track overall equipment utilization, to monitoring engine data for more proactive maintenance, it’s no wonder telematics solutions are becoming popular. Telematics solutions arm contractors and OEMs with powerful insights that can be used to manage fleets more effectively and improve day-to-day operations. In order to boost user adoption and satisfaction rates even further, OEM's can leverage new third party solutions that fully aggregate a user's data – leapfrogging the years of development that takes OEM's to build an in-house telematics solution that does the same. Unlike most in-house systems, these new white-label solution need only one window to display equipment data across a contractor’s entire fleet.
One such example is MachineLink. This world-class management tool quickly aggregates asset data for OEM customers, resulting in greater usage and satisfaction with the ability to aggregate data across an entire fleet, not just among one manufacturer brand. OEMs looking to provide this valuable solution – to drive insights, customer satisfaction and bottom line – should consider investing in a white label solution sooner rather than later.
At the end of the day, telematics data provides contractors and OEMs with the insight needed to manage their equipment more efficiently. Without providing customers insight into equipment data across their entire fleet, OEMs risk falling behind the competition. Instead of building out a costly, in-house telematics solution, OEMs should consider looking to white label solutions that can help contractors pull data across an entire fleet.
Read the January 2017 issue of Construction Global here
XYZ Reality receives £20m to develop Assisted Reality
Founded in 2017, XYZ Reality aims to "revolutionise" the construction sector with its Engineering-Grade Augmented Reality (AR) solution, Holosite.
Designed to enable an on time and on budget delivery of construction projects, by eliminating building errors, HoloSite has been available to select customers through an early access programme and has already been used on projects totalling a value of over £1.5bn in the last year.
With approximately 98% of construction megaprojects facing cost overruns or delays and 7-11% of project costs being spent on correcting errors, XYZ Reality’s purpose-built integrated AR solution directly addresses these issues.
With its safety certified AR hardhat, cloud platform and in-built proprietary software, Holosite accurately positions high fidelity 3D design models on construction sites, enabling teams to build it right, first time. The technology system has been used on complex construction projects including data centres, pharmaceutical facilities and airports.
This funding will be used to accelerate the company’s ambition of transforming projects by preparing for HoloSite’s commercial launch in the USA and continuing investment in strengthening research and development. The company is also growing its London team to include key hires across technology, manufacturing, sales and marketing.
David Mitchell, Founder and CEO of XYZ Reality, said developing its engineering-Grade AR solution helping construction teams identify errors in real-time is just the start.
"The next phase is Assisted Reality, where our spatial computing technology will have the intelligence to automatically detect and report issues in the field. And ultimately, the goal is builders building from holograms. Our vision of developing world changing products aligns with Octopus Ventures’ mission of investing in companies that are powering the next industrial revolution. We look forward to building history.”
The latest round of funding is led by Octopus Ventures, one of the largest and most active venture investors in Europe, known for its commitment of investing in companies and founders that are changing the world. Octopus Ventures has a strong track record, spanning investment in health, fintech, consumer, B2B software, and deep tech. This includes WaveOptics, one of Octopus Ventures’ early investments in Augmented Reality, which was recently acquired by Snap Inc.
Rebecca Hunt, early-stage investor at Octopus Ventures, said: "We’ve always invested in entrepreneurs leading industry change and XYZ is doing just that. It's solving a massive problem that costs the construction industry billions every year, using its Engineering-Grade Augmented Reality solution to spearhead a shift in the sector’s approach. The founding team of David, Umar and Murray have deep domain and technical expertise, which we believe makes XYZ uniquely placed to drive this transformation.”
XYZ Reality also announces a new partnership with Mace, for the construction of a hyper-scale data centre in Europe. With speed to market being particularly essential for mission critical builds, HoloSite’s AR technology will have a significant role in supporting an accurate and time effective build for Mace, which last week appointed Jon McElroy its new Managing Director for International Technology.
Mace Technical Director, Stephen Henley, said: “Mace has built a reputation of redefining the boundaries of ambition, always bringing efficiency, innovation and responsibility to our projects. With the implementation of XYZ’s groundbreaking AR system, we continue to be committed to delivering projects faster, safer and better than ever before.”
Five years ago, Heather Bellini of Goldman Sachs Research expected virtual and augmented reality to become an $80 billion market by 2025.
But according to new research by global tech market advisory firm ABI Research, nearly 28 million augmented and mixed reality smart glasses will ship in 2026, while the total global AR/MR market will surpass $175 billion in the same year.
"Major tech players across hardware, software, and services look familiar in the consumer space, contributing to strong and consistent overall growth," says Eric Abbruzzese, Research Director for ABI Research. "Those big tech names, with active investment and product ranging from already available, to announced, to all-but-announced, are creating a consumer AR market that will be dynamic and welcoming rather than struggling and immature."